1. University of Bradford
Student Finance 2017/18
Tanisha Singla

2. University Finance: The Main Points
Changes for 2017/18
Tuition Fees and Tuition Fee Loans
Living Cost (Maintenance) Loans
Applying for Financial Support
University Financial Support
Repayments
Key facts
Useful Information and Contacts
Welcome to the University of Bradford
2016/17
Sarah Verbickas

3. Student Costs
It is estimated that a student living outside of London will need £1015 per month.
Estimated minimum living costs in Bradford 2016/2017
42 weeks
51 weeks
Accommodation depending on type
£2140 to £4740*
£2600 to £5755*
Food, toiletries and laundry (based on £60 per week)
£2520
£3060
Books, stationery, photocopying and printing (based on £10 per week)
£420
£510
Mobile phone costs (based on £10 per week)
Local Travel – if required (based on £10 pwk) 
Set up costs (based on £500)
£500
Insurance for personal possessions
£70**
Estimated minimum total for guidance only
£6490 to £9090
£7760 to £10,915
This does not include socialising cost. These are all necessary costs.
2016/17
Sarah Verbickas

4. Different types of funding?
Loans
Bursaries
Scholarships
Job
Savings

5. Changes for 2017/18
From September 2017 nursing students and other students who used to have their fees paid by the NHS, will come under the same funding arrangements as all other students.
Loans of up to £10,000 to study a postgraduate Master’s course – something for the future.
Some Universities will be allowed to make inflationary increases to tuition fees each year.
Welcome to the University of Bradford
2016/17
Sarah Verbickas

6. You do not have to pay tuition fees upfront if you are going to university for the first time.
From 2017 some Universities will be able to charge £9,250 for a standard degree programme, foundation years may be less and placements years will be lower still. Fees may increase by inflation each year.
Welcome to the University of Bradford
2016/17
Sarah Verbickas

7. Tuition Fee Loans
The amount of tuition fee loan is matched to the course fee
You can take out a full or partial loan
The loan is paid directly to your University in 3 instalments
Pay it back when you finish your course and are earning over £21,000 – more about repayment later
Welcome to the University of Bradford
2016/17
Sarah Verbickas

8. Living Cost (Maintenance) Loans
Support is now provided through a loan – there are no maintenance grants
To help with living and learning costs
Paid directly into the student’s bank account each term – 3 instalments
Amount depends on family income (means-tested)
Welcome to the University of Bradford
2016/17
Sarah Verbickas

9. Living Cost Loans – 2017/18 Figures
Where Will You Be Living?
Maximum
Loan
London
£11,002
Elsewhere
(Living away from home but not in London)
£8,430
Home
£7,097
Welcome to the University of Bradford
2016/17
Sarah Verbickas

10. Living Cost (Maintenance) Loans
Maximum Loans for family incomes of under £25,000
More money for students than when grants were available
Students who qualify for benefits get a higher rate of loan
Supplementary grants are still available – Childcare Grant, Parents Learning Allowance, Adult Dependants Grant and Disabled Students Allowances. Student Finance will calculate your entitlement.
Welcome to the University of Bradford
2016/17
Sarah Verbickas

11. Living Costs Total Support for 2017/18
Household Income
Living Cost Loan – living away from home
Living Cost Loan – living at home
£25,000 or less
£8,430
£7,097
£30,000
£7,825
£6,499
£35,000
£7,220
£5,901
£40,000
£6,615
£5,303
£42,875
£6,266
£4,959
£45,000
£6,009
£4,705
£50,000
£5,404
£4,107
£55,000
£4,799
£3,509
£60,000
£4,193
£3,124 (lowest)
£65,000
£3,928 (lowest)
£3,124
Welcome to the University of Bradford
2016/17
Sarah Verbickas

12. Applying for Financial Support
Apply for student finance online: student-finance. Applications usually open in January
Supply your parent(s’)/partner’s income details – you may get more support if you submit household income information
Make sure you give consent for your information to be shared with the University so you can be assessed for scholarships and bursaries if available
Welcome to the University of Bradford
2016/17
Sarah Verbickas

13. Scholarships, Grants and Bursaries
Academic Excellence
Musical
Personal Circumstances
Financial Need
Sports
Companies
Interests and Hobbies
Welcome to the University of Bradford
2016/17
Sarah Verbickas

14. University Financial Support
Most Universities will offer their own scholarships and bursaries – visit their website to see what is available
Scholarships are usually linked to academic achievement; bursaries are related to family income
Hardship funds will also be available if you experience financial difficulties whilst you are studying – you can also access budgeting advice and other forms of support
Welcome to the University of Bradford
2016/17
Sarah Verbickas

15. University of Bradford Scholarships
Academic scholarships for AAA and AAB grades or equivalent and higher (as listed on our website) for UK and EU students
All students will be assessed automatically – you do not need to apply
AAA is worth £1,500 in year 1 (£1,000 cash and £500 Blackwell’s card) and £1,000 cash in subsequent years provided you progress with an average of 60%.
AAB is worth £1,000 in year 1 (£500 cash and £500 Blackwell’s card) and £500 cash in subsequent years provided you progress with an average of 60%.
Welcome to the University of Bradford
2016/17
Sarah Verbickas

16. The University of Bradford Bursary
Income related bursary scheme for 2017/18
£500 in year 1, £600 in year 2 and £700 in year 3 and subsequent years for all Home and EU students whose family income is less than £30,000
Must be engaging with the course
Can have this and the Academic scholarship.
Additional support and grants for Care Leavers
Welcome to the University of Bradford
2016/17
Sarah Verbickas

17. Repayments
Repayments begin after you have finished/left your course, and are earning over £21,000 per year
Repayments are automatically deducted from your earnings like tax
The repayment rate is 9% of any earnings over £21,000
The more you earn, the more you repay
After 30 years you won’t need to make any further repayments
Welcome to the University of Bradford
2016/17
Sarah Verbickas

18. Approximate monthly repayment
Repayments
Salary
Approximate monthly repayment
£15,000 £0
£18,000
£21,000
£24,000
£23
£27,000
£45
£30,000
£68
£35,000
£105
£40,000
£143
£50,000
£218
Welcome to the University of Bradford
2016/17
Sarah Verbickas

19. Interest on Loans
Interest starts to accrue on the loans whilst you are studying (RPI plus 3%)
From the April after you’ve finished your course you’ll be charged:
The rate of inflation plus up to 3% if you earn between £21,000-£41,000
The rate of inflation plus 3% if you earn over £41,000
Welcome to the University of Bradford
2016/17
Sarah Verbickas

20. Most students will never repay what they owe
Student Finance - Key Facts
Monthly repayments are the same no matter what fee the university charges
Most students will never repay what they owe
There is interest charged on student loans but it is much lower than rates charged on commercial loans
Student loan debt does not impact on your credit rating
Welcome to the University of Bradford
2016/17
Sarah Verbickas

21. FAQs
What happens if my financial circumstances change during the academic year?
What if I have a shortfall in money?
When will my student loan get paid into my account?
I haven’t confirmed my place at a University when should I apply?
How is a household income assessed in separated or divorces household?
Welcome to the University of Bradford
2016/17
Sarah Verbickas

22. Useful Information www.gov.uk/student-finance
students/
Welcome to the University of Bradford
2016/17
Sarah Verbickas